Immunovant (IMVT) PT Lowered to $33 at Stifel, 'We are buying'

Stifel analyst Derek Archila lowered the price target on Immunovant (NASDAQ: IMVT) to $33.00 (from $54.00) while maintaining a Buy rating.

The analyst comments "We are buying this AMs weakness after IMVT announced it was pausing its clinical trials for IMVT-1401 in thyroid eye disease (TED) and warm autoimmune hemolytic anemia (WAIHA) after observing dose dependent LDL increases in patients from its Ph2 study in TED. Interestingly, increases have only been seen in TED patients, and our review of the literature suggests a few things: (1) it's likely this is TED specific given the biology - see below for details, but we don't think similar LDL increases will be seen in other indications outside TED; and (2) other anti-thyroid therapies used in Graves/TED also see similar increases in LDL, which end up being transient. We think IMVT-1401, in a way, is replicating this mechanism. While we will need to see additional data from the company to confirm, the stock is down -50% in the pre-market and we don't think this program is dead."

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